Mediobanca investor Caltagirone urges bank to delay shareholder vote on Banca Generali
MILANO, June 3 (Reuters) - Francesco Gaetano Caltagirone, one of the biggest investors in Mediobanca (MDBI.MI), opens new tab, has called on the Italian bank's board to delay a shareholder vote scheduled for June 16 on the proposed acquisition of private bank Banca Generali (BGN.MI), opens new tab.
Mediobanca has proposed buying Banca Generali in an effort to thwart a takeover offer by Monte dei Paschi di Siena (MPS) (BMPS.MI), opens new tab, a bailed-out lender in which Caltagirone is also a shareholder.
Due to the MPS bid, Mediobanca must first seek shareholder approval to pursue the deal and has called a meeting on June 16 to vote on the project.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
U.S. funds Calvert, NYC Comptroller to back Mediobanca's bid for Banca Generali
MILAN, June 5 (Reuters) - Calvert and New York City Comptroller Brad Lander will vote in favour of Italian merchant bank Mediobanca's bid for private bank Banca Generali ( opens new tab on June 16, the two U.S. funds said on their respective websites on Thursday. Mediobanca in April proposed buying Due to the MPS bid and Italian corporate takeover rules, Mediobanca must first seek shareholders' approval to pursue the Banca Generali deal and has called a meeting for June 16 to vote on the plan. Italian tycoon Francesco Gaetano Caltagirone, a leading investor in Mediobanca, has expressed a negative view on the Banca Generali bid and is seeking a a delay of the shareholder vote saying key details are still unclear. The two funds did not disclose their stakes in Mediobanca.
The Sun
7 hours ago
- The Sun
Major EV car brand is ‘saved from brink of collapse' in rescue deal weeks after firm had ‘all assets frozen'
A MAJOR electric vehicle manufacturer has been reportedly been saved from brink of collapse. The company recently had its assets frozen after a court case left it in debt. Bollinger Motors was founded in 2014 and quickly gained attention with their blocky, pickup truck style electric vehicles. Several weeks ago the company landed in hot water after it became the subject of several lawsuits. As a result, the company's assets were frozen and it was left struggling to resolve its debts. On June 4, Mullen Automotive announced that they had acquired the company, helping to resolve its ongoing financial issues. Motor1 reported that Mullen Automotive acquired an additional 21 per cent of the foundering company, taking its total ownership to 95 per cent. The new owners have said they will still maintain "its own brand identity and focus." In a statement about the acquisition, Mullen Automotive said it has "resolved recent claims and debt that had led to a court-ordered receivership for Bollinger." It meant that the court had discharged and removed the receivership, in addition to dismissing the case. The resolution of its legal battles means the company is back to "business as usual," including sales, services and warranty coverage. The company finances hit a rough patch earlier this year when its founder and former CEO Robert Bollinger filed a lawsuit claiming he was owed $10 million. The lawsuit, filed in March 2025, claimed that the $10 million loan he had given to the company required periodic interest payments. Its assets were frozen on May 7 when the company went into receivership at Robert's request. During the receivership, the company still managed to sell and deliver trucks to customers. Following the lawsuit, several other companies sued the EV producer, alleging unpaid bills and broken contracts. Now that these lawsuits have been resolved, the company can continue developing its B4 chassis cab - an EV commercial truck. The additional resources brought by Mullen's acquisition should speed up this development process. 2 Bollinger previously launched a legal battle against Munro Vehicles after it launched its off-roader in December 2023. They accused Munro of trademark and patent infringement, claiming its MK-1 was too similar to designs for vehicles Bollinger planned to launch. The lawsuit also claimed that product designer Ross Compton, who moved from Bollinger to Munro, had violated a nondisclosure agreement by referring to confidential Bollinger files, with Munro's awareness, while designing Munro products. These legal proceedings are still underway.
Reuters
8 hours ago
- Reuters
MPS CEO upbeat on Mediobanca bid take-up, but crossing 50% enough for tax benefits
MILAN, June 5 (Reuters) - Monte dei Paschi ( opens new tab CEO Luigi Lovaglio on Thursday expressed confidence on a high take-up for his bank's bid for Mediobanca ( opens new tab, although a level of 50% plus one share is sufficient to unlock tax benefits and reward investors. Speaking to Sky TG 24, Lovaglio said he saw no reason why banking supervisors should subject the Monte dei Paschi bid to minimum take-up thresholds. "It hasn't done so with any of the bids, so I don't think it's an issue. I'm confident we can launch the offer in early July and reach a good take-up," he said. By securing half of Mediobanca's capital plus one share, MPS can consolidate their financial accounts and unlock 1.2 billion euros ($1.4 billion) in tax credits, boosting profits and increasing shareholder remuneration. "We're determined to reach the take-up threshold [of 66.67%] we're currently targeting," he added. ($1 = 0.8750 euros)
